Cryptocurrency Mining is “an Energy Obscenity,” Says U.S. Billionaire Robert Friedland
CryptoNewsTerminal Staff16 May, 2024
Cryptocurrency Mining is “an Energy Obscenity,” Says U.S. Billionaire Robert Friedland
Robert Friedland, a U.S.-Canadian billionaire and the founder of several mining companies, recently weighed in on the energy consumption of cryptocurrency mining. During a speech at the Qatar Economic Forum, Friedland condemned the practice as "an energy obscenity." "There's nothing green about the internet," Friedland said. "It's a huge waste of energy. The thirst for energy, particularly with this AI craze, [is] going to be insatiable." Friedland's comments come amid growing concerns about the environmental impact of cryptocurrency mining. Bitcoin, the most popular cryptocurrency, is known for its energy-intensive mining process, which requires specialized computers to solve complex mathematical problems. This process can consume vast amounts of electricity, raising concerns about its contribution to climate change. Friedland's comments echo those of other prominent figures who have expressed concerns about the environmental impact of cryptocurrency mining. In 2021, Tesla CEO Elon Musk announced that Tesla would no longer accept Bitcoin payments due to the environmental concerns associated with its mining.
